TLT acts for renewable energy developer on funding for two solar projects in Ireland

UK national law firm TLT has acted for the pioneering developer, ILOS Energy to secure funding for two c.220MW utility-scale solar projects in Ireland.

The solar projects in Tipperary and Cork are the first projects to enter construction in Ireland for ILOS Energy, with the Tipperary project reaching energisation in October. Along with its partners, Soleire Renewables, ILOS is progressing one of the largest renewable energy development pipelines in Ireland.

Between them, ILOS Energy’s first two solar farm developments in Ireland will have a combined capacity of almost 440MWs and are expected to add an additional 25% in generation capacity to the current portfolio of operational solar parks in Ireland, which stands at around 2,000MW.

TLT provided banking support to ILOS on both projects, initially on its €110,000,000 funding from an international lender for the construction and operation of a 217MW solar project in Tipperary which completed earlier this year and subsequently its €143,000,000 funding from Danske Bank for the construction and operation of the solar project in Cork.

TLT advised on all aspects of the documentation required for the financing and overall project management to bring the transaction to financial close. The team was led by banking Partner Caroline MacLaughlin (Partner, ROI and NI) and Emily Huish (Managing Associate) with support from Orla Hanna (Partner, ROI and NI) and banking associates Amy Stenner (Associate), Winnie Ma (Senior Associate) and Ben Lambon (Associate).

TLT has previously worked with ILOS, having previously advised on funding for a series of Solar PV projects located in the UK.

Emily Huish, Managing Associate for TLT said: ‘Having acted for ILOS in relation to its project financing of a solar portfolio in the UK, we are extremely proud to have given further support in connection with their entry into the Irish renewable energy market. With these two projects under development and with more in the pipeline, ILOS have already made a significant and important impact on the Irish renewable energy market.  

“Our support to ILOS on these projects demonstrates our capability, through cross office collaboration, to deliver high profile and complex project finance transactions in Ireland as well as across the UK.”

Mark Varian, Managing Director for ILOS Energy in Ireland said: “We have valued the support from TLT on these two transactions, particularly as regards their commercial approach to negotiation to bring the first two financings in Ireland to successful close. Over the coming years, we’ll continue to progress further utility scale projects in other strategic locations of the country, which will play a vital role in decarbonising Ireland’s energy system while also enhancing our security of supply.”

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